China Discovers Offshore Oil and Gas Deposits

More discoveries possible in the Qiangtang basin of the Qinghai-Tibet plateau.

Published: 24-Mar-2004

BEIJING - China has discovered 40 billion tons of offshore oil and natural gas reserves, according to the Ministry of Land and Resources, which said oil and natural gas reserves are concentrated in 38 depository basins in the territorial seas.
A comprehensive evaluation shows that the total reserves may reach 35.1~40.4 billion tons in oil equivalent, with reserves in the offshore basins reaching about 21.3~24.5 billion tons of oil equivalent.

Geological workers predict that the Qiangtang basin in the Qinghai-Tibet plateau will yield rich oil and natural gas reserves.

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